Dogecoin has remained largely flat in the past 24 hours, with its current price of $0.061189 representing a 1% drop in the past week.
This means it remains below its 50-day exponential moving average (which stands at $0.0635), a sign that the meme token is struggling to regain momentum and is currently being oversold.
This is confirmed by the fact that DOGE is also 4% down in the last 30 days and also 6% down in the past year, with the token struggling to find enough positive news to boost its price.
But with some analysts expecting a market-wide rally towards the end of the year, and with DOGE also waiting hopefully on Twitter payments, the token could easily rise again in the near future.
Dogecoin Price Prediction as DOGE Attempts to Climb Above 50-day EMA – Can Momentum Be Regained?
DOGE’s chart continues to look very unpromising at the moment, even if its oversold status would normally imply an incoming rebound.
For one, DOGE’s relative strength index (purple) has been below 50 – or even 40 – for the last month and a half, and it currently remains close to 40, in a sign that buyers still don’t seem interested in acquiring some on the cheap.
Likewise, its 50-day EMA (yellow) continues to fall further below its 200-day average (blue), which in combination with the fact that current price is below both would imply a serious loss of momentum and support.
Indeed, DOGE’s support level (green) has inched downwards over the past month or so, meaning that it may not have actually finished dropping in the short- and medium-term.
The coin could therefore sink below $0.060 in the next few days, and potentially drop even further unless the wider market becomes a little more positive and buoyant.
The problem with DOGE at the moment is that it lacks any positive narrative, with no recent bullish news to note and no new developments.
As such, the market is having a hard time trying to get excited about the coin, which seems to be relying almost solely on the possibility of integration with X (formerly Twitter) for any upwards movement.
And while Elon Musk’s love for DOGE means that Dogecoin payments on X can never be ruled out, it’s likely that it would take a long time for such a thing to happen, if it ever does.
For this reason, DOGE is likely to continue sliding for as long as the wider cryptocurrency market remains in a relative slump, which is currently being caused by rising bond yields (which makes stocks and more speculative assets less attractive).
The meme token is likely to fall to $0.0550 or thereabouts before picking up again, with a return to more bullish conditions at the end of the year potentially lifting it back up to $0.070.
New Meme Tokens With High Potential
Traders may prefer to leave DOGE aside for the time being and look at newer meme tokens with more potential for market-beating gains.
Of course, it can be hard to pick which new meme coins are likely to be successful, yet one way of gauging this is to look at presales, with tokens that raise substantial amounts likely to have a larger following going forward.
One new coin that fits this profile is Meme Kombat (MK), a new gaming platform that offers users the chance to earn rewards betting on AI-generated meme battles.
The platform’s presale has already raised over $325,000, which is impressive in that the sale has been open for only a couple of weeks.
This suggests that investors are already being won over by Meme Kombat’s primary feature, which is that it will use artificial intelligence to generate battles between meme characters, which users can place bets on.
Users can do this by staking the platform’s native token, MK, which will also be used to pay out rewards for successful bets.
And given that Meme Kombat is based on the Ethereum blockchain, bets will be made using smart contracts, making payouts transparent and instant.
Given just how popular meme coins have been in 2023, a platform which promises to stage meme battles is likely to attract plenty of interest, as hinted at by the presale’s success in raising money.
As a token, MK will have a hard cap of 12 million, with 50% of this supply going to the presale and another 30% going towards battle and staking rewards.
This distribution should ensure a high level of community involvement with Meme Kombat, with investors able to join the presale by visiting its official website and connecting their wallets.
1 MK will cost $1.667 for the entire sale, which will end once it raises $10 million, at which point the promising new token will list on exchanges.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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